BoomTown raises $20.1 million in financing

By Liz Segrist
Published Sept. 3, 2014
Updated Sept. 4, 2014 at 3:20 p.m.

(Editor’s Note: The original version of this story contained an error. BoomTown sold $20.1 million in security offerings. The Aug. 29 filing was an amendment to the original July 29 filing. The Business Journal regrets the error).

Charleston-based BoomTown has raised $20.1 million in financing from Adams Street Partners  and Susquehanna Growth Equity LLC.

The funding will help the tech firm grow its team and fuel its expansion, according to BoomTown President and CEO Grier Allen. BoomTown creates Web-based software solutions for real estate professionals.

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“We’ve grown at an incredible rate and the additional capital will enable us to further expand our team and achieve our aspirations for building an enduring business in Charleston,” Allen said in a statement.

Founded in 2006, BoomTown now has more than 140 employees in its 635 Rutledge Ave. office in downtown Charleston.

Bala Cynwyd, Pa.-based Susquehanna Growth Equity LLC invests in growth-stage technology companies in the software, information services, Internet and financial sectors. Adams Street Partners is a private equity investment manager with offices in Chicago, London, Menlo Park, Calif., Singapore and Beijing. The firm has $26 billion of assets under management currently.

On July 25, BoomTown offered $20.1 million in equity securities, according to a July 29 Form D filing with the Securities and Exchange Commission. The firm filed an amended form on Aug. 29 noting that all the securities have been sold.

Companies may use an exemption under Regulation D to offer and sell securities without having to register the offering with the SEC, the commission said. The Form D is a brief notice that includes basic information about the company and the offering.

According to the filing, up to $10 million of the gross proceeds could be used for payments to people required to be named as executive officers, directors or promoters.

Founded in 2006, BoomTown provides an online marketing system for real estate professionals including a real estate website with local multiple listing service data, online advertising, marketing services and a customer relationship management system. The company was ranked on the Inc. 500 list in 2011, 2012 and 2013.

Reach staff writer Liz Segrist at 843-849-3119 or @lizsegrist on Twitter.

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